Wed, Jul 9 08:16 PM
Mumbai, July 9 (PTI) Aided by a downturn in crude prices, the Indian rupee today gained 14 paise at 43.12/13 against the greenback on expectations of fresh capital inflows, key driver of the local currency, after a strong surge in domestic stocks markets. The Interbank Foreign Exchange (forex) market, however, witnessed dull trade in a range of about eight paise during the day after the local currency resumed firm at 43.12/14 per dollar against its previous close of 43.26/27 per dollar.
The Reserve Bank of India fixed the reference rate for the American dollar at Rs 43.13 and for the single european currency at Rs 67.77. Forex dealers largely attributed the fresh surge in the domestic unit to a sharp fall in global crude oil prices, which fell sharply in New York yesterday.
They said the rupee drew support from a strong bounce in equity markets across Asia as well as indications of political stability at the Centre. Oil prices rose USD 1.08 to 137.12 dollars a barrel in Asian trade today after falling sharply by USD 5.33 dollars at USd 136.04 a barrel at the New York Mercantile Exchange yesterday.
Indian benchmark Sensex zoomed by 615 points or 4.6 per cent in response to several positive developments including strong global cues. Asian indices ended higher by about 1.0 to 4.0 per cent.
PTI.
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